U.S. multi-family rents continue climbing this year with the September increase of $5 marking a new record of $1,167, according to the September edition of Matrix Monthly, a report on apartment market trends from Yardi Matrix released today.
September’s year-over-year increase of 6.8 percent was 30 basis points higher than the previous two months and the highest growth in the post-recession cycle.
In August, average nationwide rents rose $7 to $1,162, an increase of 6.5 percent year over year, according to Yardi Matrix data. That was the same percentage increase for July, when the average U.S. apartment rent rose to $1,155.
Read more...September Rent Increases Marks New Record High | Commercial Property Executive